Observation

I haven't gone through the Chairman's letter in detail yet.

However his argument is that he has done everything he could for the loan note holders.

Some facts are suddenly starting to emerge, that quite frankly the company could have communicated to shareholders a long time ago.

A normal company would have, unfortunately an information control freak has ensured they stayed in the dark as long as possible.

The 180 day hold clause, is the prime example, spun to shareholders at the time as a dividend stream & for tax purposes.

Any loan note holder, having read the letter & spent 2 mins doing some due diligence on it, would in actual fact have quickly observed the fact that in April & May 2015, those Breitburn shares were still changing hands at over $6 per share.

If the company's aim truly was to protect noteholders ahead of the reset date, they were free from any restrictions & could have either hedged the holding then or sold it. Even at $6 it was worth $26M or over A$35M back then (due to exchange rate at the time).

If the company had that much cash in the bank come 30th October, I doubt there would have been much trouble in getting the noteholders to rollover the notes for another 2 years while the sale process continued on NS & BS.

Say it all really, too many sob sob story's that don't add up or hold water.

LOTM